PetsMart plans to have opened 83 units by the end of the year and has another 100 on tap for 2005. The company will make a push into underserved markets such as California and the Northeast, says the report, which summarized locally-based PetsMart's investor day in Chicago last week.
Part of the retailer's rollout includes the opening of 12 PetsHotel units next year and 20 in 2006. The company currently operates 14 of the shops, which are a pet boarding concept. PetsMart expects it can open up to 270 of those units.
The retailer is not only opening new stores. PetsMart is also remodeling existing units into a new format it calls Eagle II. The remodels cost $50,000 per store and update the units' signage. PetsMart expects to remodel 40% of the chain by the end of next year and its entire portfolio by the end of the following year. The company is also introducing a customer loyalty card program that it expects will be in 301 stores by year-end.
Lehman Brothers projects a 7% jump in same store sale for the year, and a 6% rise in 2005. The chain will also post a 12.5% increase in net sales by year-end, bringing revenues up to $3.4 billion. The company reported a year-over-year same-store sales increase of 5.4% in its latest quarterly financial report.
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